Shelly 
| Changpeng Zhao, CEO of Binance, speaks during a TV interview in Tokyo, Japan, on Thursday, Jan. 11, 2018. Akio Kon | Bloomberg | Getty Images |
The boss of cryptocurrency exchange Binance says he’s willing to step down from his role as the company seeks to become a regulated financial institution. Speaking at a virtual press conference Tuesday, Changpeng “CZ” Zhao said he had no immediate plans to quit his role but that the company does have a succession plan in place. “We’re going to pivot to be a fully regulated financial institution going forward,” Zhao told reporters, adding that, during that pivot, he would be “very open” to finding a replacement CEO with more regulatory experience. Binance is the world’s largest digital currency exchange by trading volume. However, it has come under intense regulatory scrutiny lately as authorities around the world seek to clamp down on the fast-growing crypto industry.
In the U.K., the Financial Conduct Authority banned Binance’s British unit from undertaking any regulated activity. Binance was one of many crypto firms that withdrew their applications to the U.K.’s temporary licensing regime due to failing to meet anti-money laundering requirements, the FCA said. Regulators in Japan, Canada and Italy have also clamped down on the firm, warning it is not authorized to operate in the countries.
Planning for the future
Binance aims to set up a number of regional headquarters around the world and will seek licenses wherever they are available, Zhao said. He has previously said Binance has no official headquarters. Zhao insisted there were no immediate plans for his succession, adding Binance was “keeping our options open.” “I’ll be honored to continue to run Binance as a regulated financial institution until we find somebody who may do a better job,” he said. In May, Bloomberg reported that Binance was facing a federal investigation by the U.S. Department of Justice and Internal Revenue Service.
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